As a longtime collector and student of U.S. coinage, I‘ve always found the 1932 Washington quarter to be a fascinating issue. Born out of a one-time commemorative coin honoring the bicentennial of George Washington‘s birth, it instead launched what would become the longest-running series in U.S. Mint history.
But beyond its historical significance, the 1932 quarter is a coin of rarity and value. Its three issues from the Philadelphia, Denver, and San Francisco Mints offer something for every collector‘s budget – from affordable circulated examples to five-figure rarities in high Mint State. And even the most common 1932 still packs a 90% silver punch in intrinsic value.
Let‘s take a deeper dive into what makes the 1932 quarter so special to collectors, and why it deserves a place in every numismatic portfolio.
Washington Quarter Design and Debut
In 1931, the U.S. Congress authorized a new quarter dollar design to honor the 200th anniversary of George Washington‘s birth in 1932. Sculptor John Flanagan‘s winning design featured a bold left-facing portrait of Washington on the obverse, with a majestic eagle perched on a bundle of arrows on the reverse.
The inscription LIBERTY appears above Washington, with the motto IN GOD WE TRUST below. The date is tucked at the truncation of Washington‘s neck. On the reverse, UNITED STATES OF AMERICA arcs above the eagle, with E PLURIBUS UNUM on a ribbon held in its beak. QUARTER DOLLAR is inscribed below.
Interestingly, this now-iconic design was never meant to be a permanent replacement for the Standing Liberty quarter, which had been struck since 1916. The original legislation called for a one-year commemorative coin. But the public immediately fell in love with the new Washington quarter, and Congress quickly passed a bill making it a regular issue.
Thus, what started as a single commemorative became the start of a series that is still going strong over 90 years later. But it‘s those first-year 1932 issues that hold the most allure for collectors.
1932 Quarter Mintages and Rarity
Quarters in 1932 were produced at the Philadelphia, Denver, and San Francisco Mints. But mintages were relatively low across the board, creating some key rarities:
| Mint | Mintage | Survival Estimate (All Grades) |
|---|---|---|
| 1932 (P) | 5,404,000 | 65,000 |
| 1932-D | 436,800 | 15,000 |
| 1932-S | 408,000 | 18,000 |
The standout rarity is the 1932-D, with both the lowest mintage and lowest estimated survival of any Washington quarter. PCGS CoinFacts estimates just 15,000 examples remain in all grades, making it a prized key date.
The 1932-S is not far behind, with only about 18,000 coins believed extant. This also gives it key date status, though slightly more attainable than the 1932-D.
Even the "common" 1932 Philadelphia issue is relatively scarce in the larger context of the series. Its mintage of 5.4 million pieces is lower than many later P-mint Washington quarters that were struck by the tens or even hundreds of millions.
1932 Quarter Values by Grade
So what are these 1932 quarters actually worth? As with all coins, condition is key. Here‘s a detailed breakdown of recent market values for each issue across the grading spectrum:
| Grade | 1932 (P) | 1932-D | 1932-S |
|---|---|---|---|
| G4 | $10 | $100 | $40 |
| VG8 | $15 | $125 | $60 |
| F12 | $20 | $200 | $100 |
| VF20 | $22 | $450 | $150 |
| EF40 | $30 | $700 | $250 |
| AU50 | $40 | $800 | $400 |
| MS60 | $100 | $1,500 | $750 |
| MS63 | $150 | $4,500 | $2,000 |
| MS65 | $425 | $18,500 | $7,000 |
| MS66 | $900 | $48,500 | $22,500 |
| MS67 | $3,500 | $125,000 | $50,000 |
As you can see, even lower grade examples of the 1932-D and 1932-S trade for hundreds of dollars due to their rarity. In uncirculated condition, they soar into the five-figures, with finest known gems reaching six-figures.
The 1932 Philadelphia is the most obtainable, but still commands strong premiums in high grade. Gem MS65 examples hover around $400, a testament to the issue‘s status as a better date.
Cherrypicking Valuable Varieties
While the rarity and grade of a 1932 quarter largely determines its value, savvy collectors also prize certain varieties and errors. Chief among these is the 1932 Doubled Die Obverse quarter.
Doubling is evident on the obverse lettering and date, caused by a misaligned second impression from the working die. PCGS has graded just 13 examples of this variety in all grades, with the finest being a single MS66. One of those MS66 coins brought $3,055 in a 2006 Heritage sale.
While dramatically doubled dies are rare, more common repunched mintmarks (RPMs) can be found with patience. These occur when a mintmark is punched into the die more than once in slightly different positions.
On the 1932-D, the so-called D Over D RPM shows traces of a first D mintmark impressed south of the primary D. The FS-501 die pair is the most prominent, and a coin in MS67 sold for $7,200. Repunched and overmintmarks add collectible variety to the series.
Other errors like off-centers, die breaks, and struck throughs occur on 1932 quarters as well. While not as visually dramatic as a doubled die, these mint mistakes still boost value and appeal with error collectors.
Investment Potential and Auction Records
High grade, key date 1932 quarters have proven to be solid long-term numismatic investments. As an example, let‘s look at the price performance of a 1932-D in MS65 over the past two decades.
In 2002, a PCGS MS65 example sold for $16,100. By 2015, the same coin brought $28,200, a 75% increase in 13 years. And in January 2022, another PCGS piece realized $43,200. That‘s a 168% total return since 2002, or about 8% annualized.
Of course, these are the cream of the crop coins. But even circulated key dates have risen steadily in value over the years. Back in 1950, a 1932-D in Fine condition was worth about $10. Today, that same coin is valued at $200, a 20X return over 70 years.
On the uber-rarity tier, the finest known 1932-D quarter, a PCGS MS66+ CAC coin, set a record when it sold for $143,750 in 2015. The previous record was the $89,125 paid for a PCGS MS66 in the same sale.
These auction prices drive home the true scarcity of high-end 1932-D quarters. PCGS has graded just 4 coins in MS66, with two higher. Meanwhile, NGC has certified only a single MS66 with none finer. This is the definition of condition rarity.
Detecting Counterfeits and Problem Coins
As with all key dates, counterfeit 1932 quarters are a real threat to collectors. These are usually cast fakes that lack the sharpness and fine detail of genuine coins. Look out for suspicious seams, porosity, and a greasy or unnaturally shiny appearance.
Fake mintmarks can also be added to otherwise genuine Philadelphia coins to simulate the scarcer 1932-D and 1932-S. Inspect mintmarks closely for any tool marks or uneven appearance that could indicate an alteration.
Another issue to watch for is cleaning or other surface damage. Key date coins in particular are susceptible to being improperly "improved" to inflate grade. Avoid coins with unnaturally bright white surfaces, hairlines, or an overall lifeless appearance.
Your best defense against problem coins is to buy certified examples in PCGS or NGC holders. This guarantees authenticity and proper grade. For raw coins, stick to reputable dealers and know how to grade coins accurately yourself.
Building a 1932 Quarter Set
For most collectors, a complete 1932 quarter set is the crown jewel of their Washington quarter collection. The three issues make for a compact but challenging set to complete.
Many choose to focus first on assembling a circulated short set. A 1932 Philadelphia in VF paired with a 1932-D and 1932-S in Fine would be a respectable mid-grade grouping. Budget around $500 for a set in this condition.
Stepping up to Extremely Fine or About Uncirculated raises the stakes. A 1932, 1932-D, 1932-S set in EF40 to AU50 would be a major accomplishment, with a total cost around $2,000 or more. This is the level where you‘re contending with serious key date collectors.
In Mint State is where the heavy hitters come out to play. An uncirculated 1932 year set is a showpiece for the most elite Washington quarter collectors. Even in base MS60, you‘re looking at close to $3,000 for the three coins. In gem MS65, that soars to over $25,000.
Realistically, most of us will never own a 1932-D in MS66. But that‘s part of what makes these coins so exciting. They‘re rare enough to be truly elite, but available enough that we can all strive to own our own piece of this important first year of issue.
Conclusion: A Series-Defining Key Date
The 1932 Washington quarter was born from a commemorative coin concept. But it quickly grew into the defining key date that launched the longest-running series in U.S. coinage history. Its three scarce issues from Philadelphia, Denver, and San Francisco are perennial collector favorites and blue-chip numismatic investments.
For collectors of means, a high-grade 1932-D or 1932-S quarter is a marquee rarity that anchors the entire series. Mint State gems are true condition-census coins that command record prices when they appear at auction. But even a well-worn Good example is still a prized acquisition for key date specialists.
Whether you‘re cherrypicking variety coins from circulation or saving up for that once-in-a-lifetime 1932-D in MS66, the 1932 quarter offers a coin for every collector. It‘s a tangible link to the year America honored its founding father and began the Washington quarter‘s 90-year (and counting) journey. And that makes it worthy of our collecting goals and numismatic study.
